Track: Payment Systems

Practically Converted - A Panel Discussion

Tuesday, October 21, 2008
8:30 a.m. - 9:30 a.m.
Room: 403 B

The reality of check conversion is that not every item gets converted, and returned item exceptions are now a blend of paper, image and electronic items. This session explores check conversion and the ripple effect that conversion has on day to day activities from two very different business viewpoints. The panel will contrast how two companies utilize check conversion, tackle item eligibility, use image exchange to 'clean up' ineligible items, handle exceptions, and find value at nearly every stop along the way.

Speakers:

• Greg Sohovich CPA
  Manager, Remittance & Revenue Accounting
  American Electric Power

• Wendy Dalpino
  Accounts Receivable Supervisor
  Farm Bureau Mutual Insurance Company of Idaho

• Theodore C. Gerbick
  Product Manager-Disbursements
  KeyBank

Objectives

• Gain a deeper understanding of check conversion, particularly the day to day activities related to using a check conversion service
• Underscore the reality that, even with check conversion, not all checks are converted - and outline different methods of handling ineligible items
• Illustrate, through practical, working examples, the issues and complexities of check conversion - and methods to overcome these issues

Pre-Requisites

• A general understanding of Check 21, image exchange and check conversion - including ARC and BOC.
• A basic knowledge of return item processing for check and ACH items

Take-Aways

• A checklist of important topics designed to assist clients in talking with their financial institution about check conversion

CPA Field of Study: MAS